Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza
Last month, CapitaLand Investment (CLI) announced the purchase of two properties in China through the CapitaLand China Opportunistic Partners Programme (CCOP Program). The fund has already raised $1.1 billion in committed investment to buy exclusive case possibilities in China.
Gordon Marsden, chief of funding markets Asia Pacific at Cushman & Wakefield, states that the deal mirrors the continuous rate of interest by clients in the Mainland China industry. This is in line with findings from a recent survey conducted by the consultancy, which shows investor intentions remain concentrated on Tier 1 areas in Mainland China.
Suning Life Plaza is a 19-storey development with 566,182 sq ft of office space and retail net lettable location. “Following the acquisition, the fund is going to restore an area of the commercial location for office use. While investable properties in Beijing have traditionally been scarce, Suning Life Plaza has become a very good possibility for property updating and development,” says Charli Chan, Cushman & Wakefield’s managerial director of funding markets in China.
Among both properties obtained is Suning Life Plaza, an incorporated project in Beijing which was purchased by a single-asset finance under the CCOP Programme for $553 million. The offer was serviced by Cushman & Wakefield, that claims it observes the very first CBD business real estate transaction in China this year. “The offer is just one of the very first by a foreign capitalist given that the federal government began curtailing its strict anti-Covid-19 protocols in December,” says the consultancy in a March 13 announcement.
“While some international funding stays mindful on China assets, there are numerous experienced, persistent financiers that see the current financial issues as a window of opportunity to purchase China while they face much less competition from fellow,” adds Catherine Chen, Cushman & Wakefield’s head of capital markets research, Greater China.